Question
Apple Inc. Financial Overview for 2022: Income Statement: Item Amount Sales $10,000,000 Cost of Goods Sold $6,500,000 Operating Expenses $2,000,000 (Including Depreciation: $280,000) Interest Expense
Apple Inc. Financial Overview for 2022:
Income Statement:
Item | Amount |
Sales | $10,000,000 |
Cost of Goods Sold | $6,500,000 |
Operating Expenses | $2,000,000 (Including Depreciation: $280,000) |
Interest Expense | $85,000 |
Gain on Sale of Equipment | $65,000 |
Income Tax Expense | $200,000 |
Balance Sheet:
Item | 12/31/2022 | 12/31/2021 |
Cash | $1,000,000 | $700,000 |
Accounts Receivable | $450,000 | $400,000 |
Inventory | $800,000 | $720,000 |
Accounts Payable | $600,000 | $550,000 |
Additional Information:
Equipment sold for $220,000 (original cost $320,000, carrying value $200,000).
New equipment purchased for $180,000.
Dividends declared and paid: $300,000.
Treasury shares purchased: 1,200 shares for $120,000.
Requirements:
Compute cash flows from operating activities.
Compute cash flows from investing activities.
Compute cash flows from financing activities.
Determine the ending cash balance.
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